Latest news with #soyoil
Zawya
7 hours ago
- Business
- Zawya
Soyoil around 18-month highs, grains fall on good crop weather
HAMBURG - Chicago soyoil hit its highest in around 18 months on Monday, supported by U.S. biofuel blending proposals that are likely to increase demand, while favourable U.S. weather conditions drove wheat and corn lower. Crude oil fell after renewed military strikes by Israel and Iran over the weekend left oil production and export facilities unaffected, easing concern about disruption of crude supplies. That removed some of the support for soybean prices, which tend to move in tandem with oil, that was seen on Friday. The larger-than-expected biofuel blend proposals, however, still supported the soy complex. The Chicago Board of Trade's most-active soyoil rose 5.7% to 53.50 cents per pound at 1131 GMT, around its highest since December 2023. Soyoil gains also pulled soybeans up 0.1% at $10.71-3/4 per bushel. Wheat fell 1.2% to $5.37-1/4 a bushel as the U.S. winter wheat harvest accelerates. Corn fell 1.1% to $4.39-1/2 a bushel, weakened by favourable weather forecasts for crop development in the U.S. corn belt. 'Soybeans and soyoil are being underpinned by the Trump administration's larger-than-expected biofuel blending proposals which would generate more demand for soyoil and so soybeans," said Matt Ammermann, StoneX commodity risk manager. "The Trump Administration is not known to be renewable energy-friendly, but the substantial increase could be intended to reduce the sting of the trade war with China, which has hugely damaged U.S. soy exports to China.' Traders await weekly crop ratings on Monday from the U.S. Department of Agriculture, with U.S. winter wheat harvesting accelerating, corn and soybean planting is finishing. 'Wheat and corn are weaker today as crop weather in the U.S. is looking very positive this week, with just the right mix of sunshine needed for the winter wheat harvest with a little rain needed for corn development,' said Ammermann. 'Other north hemisphere wheat crops are also looking good, especially in the Black Sea. This raises the prospects of extra competition from the Black Sea to exporters in the U.S. and other regions.'
Bloomberg
13 hours ago
- Business
- Bloomberg
Palm Oil Jumps Above 4,000 Ringgit Mark to Track Soy Oil, Crude
Palm oil jumped above the 4,000 ringgit mark to track gains in soyoil, which surged on Washington's proposal to allow refiners to blend a record amount of biofuels into gasoline and diesel next year. The long-awaited plan that was unveiled by the Environmental Protection Agency on Friday aims to boost American biofuel production and deter imports. It would require refiners to mix arecord 24.02 billion gallons of biofuels into conventional diesel and gasoline. That's nearly 8% higher than the 2025 target and was more-than-expected by many analysts.
